Price Action in Day Trading by Dadas

Not everything went well, today.
I totally messed up on GBPUSD:

I was too concentrated on GOLD, and failed to monitor GBPUSD closely.
But, that's what trading is about!
It's the final total result which counts.

What goes Down, must go Up, at least some distance.

That's why I like GOLD so much.
It is more "predictable".

The story here:
My analysis clearly showed Long.
Thus, I Entered without much thought - the first Entry higher.
Then, Price still moved down, so I Entered another Long, lower.
And, I had a plan, which I follwed:
1. Close the whole worse Entry at Halfway Level,
2. Proceed with the better Entry as usual.

I am planning to divide my Entry Volume into 3 parts.
Let the third part go wild with SL set to BE.

Why did I close the second part of the trade at this moment?
It's right there, in your face, on the chart.
Well, also the fact that I am monitoring my trades.

So, I have a feeling I have reached my ultimate achievement - Dadas_Trend_Chart.
Here is what it looks like:

If you study it closely, you will see different colors of Bar-Candles:

For Shorts:
Salmon stands for Watch for Short Confirmation,
Red stands for Bear Trend (Short Confirmation).

For Longs:
DodgerBlue stands for Watch for Long Confirmation,
Blue stands for Bull Trend (Long Confirmation).

Khaki stands for Neutral - practically, Inside Bar.

This is my latest development of today.
I have a feeling there is not much room for mistakes any more.

IOW: What you see is what you get!

20 Pips on DAX30 at this hour.
Looks like my charts are great!

Today was a real trading day.
This is the proper way to Daytrade.

Great Dadas. Today was GOLD !!!

-the truth excellently- congratulations!
-I am not surprisedly at this result DADAS of since the learning from the first day here!
-However, to date, have yet to be successful, still have to learn much!

Well guys, the result is positive, that counts.
But among all those trades, there are only a few good ones.
What counts, though, is Trading, not Wishing!
A Wisher's job is Wishing. A Trader's job is Trading!
Trading is not about opening a position and looking at it for 8 hours and wishing.
Trading is about looking for trading opportunities and taking them, opening trades.
Then, managing those trades, ie. 4 trades at a time (managing risk).
If one loses, the Trader simply looks at the situation again and decides if
to repeat, change direction or look for a different opportunity.
This is working, not just sitting and hoping.

In time, I should be getting more good trades, as I am still getting used to my new charts.

Hello Dadas,
This is my first post on your thread but also first post on FF. First of all, thank you for information you are sharing with us. I am benefiting much from knowledge you are sharing here. In some way you caught essence on what's important and shared with people in simple way which is I believe something that very few people can do.

I have question about RR you have in your trades as presented on image. I have seen you writing we should have 2:1. Do you still apply this rule? Assuming your risk is 200-250 (from biggest losses) there are only few trades with similar reward of approx 200 (with RR 1:1). On the other hand if you have risk of approx 250 you would have only one good trade with RR 2:1 and you would be benefiting 500 - so almost reward from your all trades on 27th...

Thank you for any clarification in this area.
Regards.

Well, you see, I have often mentioned, maybe not always in a direct way,
that this market and trading can not be quantified. There is no way to do this.

If it were possible to set a rule and always take Profit 2x StopLoss, that would be fantastic!

The 1/2 R/R rule is really something very strange.
I shared the Dadas_Fibo_Trade_Layout_Script.mq4.
In it you can set your R/R and you will get the StopLoss Level according to the TakeProfit Level.

However, now I am managing my StopLoss, thus I move it to BE half-way and also I book half of my Trade Volume.
So, how is the R/R rule holding??? How can I really quantify the Risk-to-Reward Ratio?

Sometimes, I can also move the SL a bit further apart, if I see another Level where Price might go in my direction,
so, then I take some more risk, but in total, I still can't calculate what my longrun R/R is.

There is another way to look at trading.
Put your initial StopLoss at 2% of your account.
Then, just manage the StopLoss, moving it towards BE and further.

Instead of trying to put the market into mathematical frames, simply trade!
If you see a good setup, risk more.
If you're not so sure, risk less!

Anyway, you might not fully grasp what I am saying, yet.

But, if you put as much effort into this as I have, you will see it at your proper time.

I will show you a good trade, today, when it closes.

PS.
If anyone ever tells you that trading is about risking 2% of your account and wishing that your trade goes well,
believe me, they are just big kids playing with something they really have no idea about!

I saw some guys trading live, risking initially 2% of their account per trade.
But they opened as many as 10 trades, thus the total initial risk is 20%.
Then, they just managed the risk, moved the SL and booked part of profit letting the rest run.

So, my advice, stop paying attention to those wishy-washy rules, and TRADE!

Here is the good trade I promised to show you.

I only did a few simple things:
1. Looked at D1, H4, H1,
2. Said to myself: "Look for Long at Bottom",
3. Put my Dadas_Fibo_Trade_Layout to see the potential TP&SL,
4. Opened the Trade.

Then at half-way, booked half, moved SL, then trailed SL.

That's all.

Maybe I could have let the trade run wild and make a fortune, today.
That doesn't matter.
I traded, got my targets.

This is my MT4 platform, now.

I look for opportunities, always scanning the Instruments.
My new charts allow me to quickly analyse and decide if the situation is worth the risk or not.
I try to have 4 trades open at one time, unless I am taking a bigger Volume Risk,
thus my Margin becomes smaller.
So what if a trade gets SL!
I trade.

Continuing my previous thoughts in reply to pigpip:

If anyone has money at a Broker which they can't afford to lose,
I strongly insist that you withdraw it immediately and forget about trading/risking.

By rule, the money at your Broker is your Risk money.
Not your mortgage money!
Not your bills money!
Not your food money!

If you can't afford to lose $100 bucks, don't trade at all!
If you can only afford to lose $100 bucks,
you must open an account at 1:500 Leverage
and apply the Double-or-Bust strategy!
(Not possible it the US.)

Otherwise, you will only be struggling, most probably losing what you can't afford.

IOW: To put it simply and neatly:

Stop indulging in any fantastic theories about geometries, averages, patterns,
S/R, Supply/Demand, and all that BullShit everyone is trying to prove has any meaning!

It is all very simple:
If one wants to Buy, there must be one who wants to Sell.
If one wants to Sell, there must be one who wants to Buy.

What if there isn't?
We can't help it.
The Big Guys can, they can search the Level where the opposite party is willing to participate.

This is Trend on the charts.
Understand Trend and the above - that's all you need!

This is another good trade of today, though it didn't generate so many Pips:

It was a quicky, immediate execution, took little time to reach the targets.

About Trend.

Put this indicator on your standard charts:


Set in parametrs: Show_Indi = true;
Don't change anything else, yet.

Study the picture.

Later, play with different higher Tf's on lower Tf charts.
Play with Extensions.

If you have questions, just ask.

Here is a trade that cost me:

Because I left my room for an hour.
Otherwise, I would have booked half and gone BE.
I must make this procedure automatic.

You know, guys, I am looking at my own creation on this quoted post,
and I am laughing, truelly laughing at how F_cking simple this is.
This simple Dadas_True_Trend_Indi is worth millions-billions of dollars, as many as you can generate!
Just trade the True Trend Crosses.

Do this trick, set candles to color NONE:

You don't need any Candles, Bars, Lines...

Actually, you don't need any other information!